Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) Shares Gap Up – Should You Buy?

Shares of Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) gapped up prior to trading on Monday . The stock had previously closed at $38.63, but opened at $40.88. Direxion Daily Gold Miners Index Bull 2x Shares shares last traded at $41.31, with a volume of 816,896 shares trading hands.

Direxion Daily Gold Miners Index Bull 2x Shares Price Performance

The stock has a 50-day moving average of $49.69 and a 200-day moving average of $45.10. The firm has a market cap of $619.70 million, a price-to-earnings ratio of 19.80 and a beta of 1.57.

Hedge Funds Weigh In On Direxion Daily Gold Miners Index Bull 2x Shares

A number of institutional investors have recently modified their holdings of NUGT. Quadrature Capital Ltd acquired a new stake in Direxion Daily Gold Miners Index Bull 2x Shares during the 1st quarter worth approximately $856,000. B. Riley Wealth Advisors Inc. bought a new position in shares of Direxion Daily Gold Miners Index Bull 2x Shares in the 1st quarter worth about $2,193,000. Pineridge Advisors LLC acquired a new position in shares of Direxion Daily Gold Miners Index Bull 2x Shares in the 1st quarter valued at about $5,410,000. Virtu Financial LLC bought a new stake in shares of Direxion Daily Gold Miners Index Bull 2x Shares during the 1st quarter valued at about $384,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in Direxion Daily Gold Miners Index Bull 2x Shares in the second quarter valued at approximately $317,000.

Direxion Daily Gold Miners Index Bull 2x Shares Company Profile

The Direxion Daily Gold Miners Index Bull 2X Shares (NUGT) is an exchange-traded fund that is based on the NYSE Arca Gold Miners (NTR) index. The fund provides 2x leveraged exposure to a market-cap-weighted index of global gold and silver mining firms. NUGT was launched on Dec 8, 2010 and is managed by Direxion.